U.S. stock index futures edged lower in Asian trading on Thursday as investors digested mixed signals from the meeting between U.S. President Donald Trump and Chinese President Xi Jinping, while awaiting a fresh wave of tech earnings from the so-called “Magnificent 7.”
S&P 500 and Nasdaq 100 futures each slipped 0.1%, while Dow Jones futures also dipped 0.1%.
Trump described his meeting with Xi as “incredible,” saying a trade deal “will be reached soon.” He confirmed that China agreed to resume imports of U.S. agricultural products and maintain rare-earth supplies. The two leaders also discussed Nvidia’s chips, though Trump clarified that the advanced “Blackwell” production line was not mentioned.
The market also reacted to the Federal Reserve’s second consecutive rate cut, lowering its benchmark range by 25 basis points to 3.75%-4.00%. Fed Chair Jerome Powell struck a cautious tone, citing “mixed signals” on inflation and growth, leaving the path for future easing uncertain.
On Wall Street, the Dow Jones Industrial Average fell 0.2%, the S&P 500 closed flat, while the Nasdaq gained 0.6%.
After-hours earnings drove sharp moves: Alphabet surged over 7% on strong ad and cloud revenue, Microsoft fell 3% despite solid results, and Meta plunged 8% after warning of higher spending. Attention now turns to upcoming reports from Apple and Amazon, which are expected to set the tone for the next market leg.